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Manitou Decreases 6 Percent in Fourth Quarter, Jumps 11 Percent for Full Year

Jan. 31, 2020
Manitou Group posted fourth quarter revenues of €494 million, a 6-percent decrease compared to the fourth quarter of 2018.

Manitou Group posted fourth quarter revenues of €494 million, a 6-percent decrease compared to the fourth quarter of 2018. For the full year, Manitou totaled €2,094 million, an 11-percent year-over-year increase. The end of fourth quarter order intake on equipment was €483 million, compared to €629 million in the fourth quarter of 2018. However, it nearly doubled the end of the third quarter order intake of €244 million.

“The group ended the year 2019 with a revenue that exceeded the €2 billion for the first time in its history, while strengthening its global presence and market share,” said Michel Denis, president and CEO of Manitou Group. “The doubling of order intake in the fourth quarter compared to the previous quarter gives the order book a depth of around four months of activity. We are thus finding our optimal balance between our customers’ delivery time expectations and our suppliers’ need for visibility in order to supply ourselves in a fluid manner after the cyclical peak in delivery times that we reached at the end of 2018.

“In the fourth quarter, customer demand remained strong across all sectors. We note, however, that in the construction sector, rentals continue to speak positively on market dynamics, while maintaining a wait-and-see attitude with regard to their investment decisions. The gradual slowdown in the world economy, combined with uncertainties such as the effects of Brexit or the U.S. elections, lead us to anticipate a decline in sales of around 10 percent in 2020 compared to 2019.”

Sales in Southern Europe dropped 6 percent in the fourth quarter but increased by 17 percent for the full year. Sales in Northern Europe declined 10 percent in the fourth quarter but increased 8 percent for the full year. In the Americas, sales dropped 1 percent in the fourth quarter, but increased 15 percent for the full year.

Manitou’s Material Handling and Access division generated quarterly sales of €333 million, an 8-percent year-over-year drop, but increased 13 percent for the full year, a record level of activity. The company said there was a gradual adjustment of production capacity in view of the combination of slower order intake and shorter delivery times.

The Compact Equipment Products Division posted fourth quarter sales of €81 million, an 8-percent slide compared to Q418, but a 5-percent year-over-year full-year hike. The Services & Solutions Division jumped 12 percent in the fourth quarter and 12 percent for the full year.

Manitou also named Elisabeth Ausimour president of the Material Handling and Access division, and a member of the Group Executive Committee.

Manitou is based in Ancenis, France, with U.S. headquarters in West Bend, Wis.